How To Build Customer Loyalty – Trends For Retailers

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Retailers today face dual pressure of not only growing their business but also ensuring they do not loose profit margins. Major focus area has been retaining customers, acquiring new customers, understanding customer buying behavior, engaging customer to make them feel that they are part of the store and increase their frequency of visits.

In past before the technology boom people use to maintain personal relationship with their customers. They used to know each person by name and preference. This relationship was one of the corner stone of the retailer’s success.

With time, retailers started to depend more on technology than personal approach and interaction reached to its minimum level leading to customer becoming more of a reluctant buyer than a committed one. There was disconnecting. Since retailers also grew and expanding, they were limited by time and geography to interact personally with every customer on regular basis and were badly looking for some solution that can help them bridge the gap again.

Customer loyalty is the new buzzword in the market. Basic form of loyalty comes in discount offers, point accumulation, and redemption form, but advanced loyalty program includes Gift cards, vouchers and promo coupons on multiple platform and sites. It offers an integrated solution with Omni-channel availability of benefits to customers. Loyalty integrated with digital platform and automated customer relationship management techniques could be one of the most powerful tools to reach out to the beleaguered customers today.

Loyalty solutions are the best possible replication of the old relationship building technique. It is very effective when used pragmatically and in a planned manner to get the best results.

Retailers can use SMS and email messaging system to regularly update their customers about new arrivals in the store. The message can also be personalized through predictive analysis of customer buying behaviour in regards to price points, product and categories. In other ways CRM tools can also serve them reach out to their customers on important days like anniversary, birthday, festivals and other important days. This can make the customer feel personalized and important and helps in enhancing the relationship with the retailer.

Further retailers can also leverage the social platform to engage and improve the buying decision of their customers by providing them timely information, offers, benefits and unbiased reviews of new arrivals and selections. This can add lots of goodwill and positive buzz about them.

They can also integrate their loyalty program with mobile to leverage the full benefit of it by bringing customers on mobile apps platform, rewarding mobile engagements, providing customized value added services like payment gateway, promotional offers at real time, coupon redemption and store level interaction on the move.

With Intelligent, insights into their customers’ persona and buying behaviour through analytical reports and dashboards retailers can once again take their relationship with their customer to older times when the storeowner provided a personal touch to the relationship and take their business to new heights.     

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